Family Bank Limited Salary Personal Loan Details

Rates available from as of 1st April 2021
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Family Bank Limited

Salary Loan
Amount
KES
50000
-
3000000
Duration
6
months
-
6
months
Total Cost
17
%
-
17
%
annualised, year one
Typically approved within
2
days
visit website

*Processing Fees and Excise duty are only applied to year one. For loans longer than one year, your annual cost from year two onwards will be between 13.0% - 13.5%.


Loan Fees:

  • Interest Minimum: 13%
  • Interest Maximum: 13%
  • Processing fee: 3%
  • Insurance Fee: 0.5%
  • Withdrawal Fee: None
  • Late Fees: None
  • Other Fees: 20% Excise Duty on Processing Fee

Disbursement Details:

  • Institution Type: Commercial Bank
  • Application Method: Paperwork
  • Disbursement Method: Bank account

Repayment Details:

  • Repayment Frequency: Monthly
  • Early Repayment: Allowed
  • Repayment Method: Auto-deduction

Eligibility Requirement:

  • Smartphone: Not Required
  • CRB: Must be in good standing
  • Income: No Minimum
  • Employment: Required
  • Network: Not required
  • History: Active account for 3 Months
  • Documents: National ID, KRA Pin, Application Form filled and signed, 3 Latest pay-slips,
  • T&C Links

 

Money254 Review

Pros:

  • Affordable credit insurance (deducted from Loan amount)
  • High Maximum loan limit of up-to 3 million
  • No late repayment fees

Cons:

  • Must have an active salary account for 3 months
  • Formal Employment required
  • Branch visit for application, paperwork required

 

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